Arete Wealth Advisors LLC Buys New Stake in Appian Co. (NASDAQ:APPN)

Arete Wealth Advisors LLC bought a new stake in shares of Appian Co. (NASDAQ:APPN) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 8,525 shares of the company’s stock, valued at approximately $291,000.

A number of other institutional investors also recently added to or reduced their stakes in the business. Abdiel Capital Advisors LP lifted its stake in shares of Appian by 72.6% in the 3rd quarter. Abdiel Capital Advisors LP now owns 10,169,273 shares of the company’s stock worth $347,179,000 after acquiring an additional 4,278,969 shares during the period. Geode Capital Management LLC lifted its position in Appian by 0.6% in the third quarter. Geode Capital Management LLC now owns 957,493 shares of the company’s stock worth $32,695,000 after purchasing an additional 5,772 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Appian by 1.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 334,847 shares of the company’s stock valued at $11,432,000 after purchasing an additional 3,817 shares in the last quarter. Empyrean Capital Partners LP acquired a new position in shares of Appian during the 2nd quarter valued at $7,715,000. Finally, Edgestream Partners L.P. acquired a new position in shares of Appian during the 2nd quarter valued at $4,657,000. Institutional investors and hedge funds own 52.70% of the company’s stock.

Insider Activity

In other Appian news, major shareholder Abdiel Capital Advisors, Lp purchased 23,053 shares of the stock in a transaction dated Monday, September 9th. The shares were acquired at an average price of $30.22 per share, for a total transaction of $696,661.66. Following the completion of the acquisition, the insider now owns 10,036,046 shares of the company’s stock, valued at $303,289,310.12. This represents a 0.23 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have bought 121,107 shares of company stock worth $3,871,494 over the last 90 days. 44.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. DA Davidson reaffirmed a “neutral” rating and set a $33.00 target price on shares of Appian in a research note on Monday, October 14th. KeyCorp lowered shares of Appian from an “overweight” rating to a “sector weight” rating in a research report on Friday, August 2nd. Barclays boosted their target price on shares of Appian from $29.00 to $34.00 and gave the stock an “underweight” rating in a report on Friday, November 8th. Finally, The Goldman Sachs Group reduced their target price on shares of Appian from $47.00 to $41.00 and set a “buy” rating for the company in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $40.20.

Appian Trading Up 2.0 %

NASDAQ APPN opened at $37.85 on Friday. Appian Co. has a 1 year low of $26.28 and a 1 year high of $43.33. The stock’s 50-day moving average price is $35.11 and its two-hundred day moving average price is $32.60. The company has a market cap of $3.23 billion, a PE ratio of -31.02 and a beta of 1.57.

About Appian

Appian Corporation, a software company that provides low-code design platform in the United States, Mexico, Portugal, and internationally. The company's platform offers artificial intelligence, process automation, data fabric, and process mining. It provides The Appian Platform, an integrated automation platform that enables organizations to design, automate, and optimize mission-critical business processes.